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Reports India

Indian stock market daily morning report (April 30, 2014, Wednesday)

April 30, 2014, Wednesday, 04:49 GMT | 00:49 EST | 09:19 IST | 11:49 SGT
Contributed by Keynote Capitals


Views on markets today

- Markets closed in red for third consecutive day with the benchmark indices losing 0.7% each in yesterday's trade. Weakness in banks, metals and FMCG heavyweights weighed on the indices.

At close, the Sensex was down 165 points at 22,466 and the Nifty slipped 46 points to end the day at 6,715.

- Idea Cellular rose 2.91%, in the opening trade, to Rs 144.-5 on BSE after consolidated profit after tax surged 26.07% to Rs 5-9.-0 crore on 6.51% growth in total revenue to Rs 7,043.-0 crore in Q4 March, 2014 over Q3 December, 2013.

- Hexaware Technologies closed 10.75% down at Rs 153.15 on BSE after consolidated net profit fell 31.-9% to Rs 70.30 crore on 5.02% decline in income from operations to Rs 5--.-7 crore in Q1 March, 2014 over Q4 December, 2013.

- Dabur India closed 1.36% down at Rs 177.70 on BSE after consolidated net profit rose 17.3% to Rs 235.29 crore on 15.5% growth in net sales to Rs 1,769.02 crore in Q4 March, 2014 over Q4 March, 2013.

- Sesa Sterlite closed 1.37% down at Rs 190.40 on BSE after consolidated net profit surged 445.04% to Rs 1,621.55 crore on 7,052.92% spurt in total income from operations (net) to Rs 20,-94.41 crore in Q4 March, 2014 over Q4 March, 2013.

- TVS Motor Company closed 6.1% up at Rs 92.25 on BSE after the company reported a profit after tax of Rs 52 crore in Q4 March, 2014 as against net loss of Rs 33 crore in Q4 March, 2013.

- Among the 12 BSE Sectoral indices 11 indices closed in positive while 1 index ended the day in negative. Top Gainers: BSE Consumer Durables up by 0.1-%. Top Losers: BSE Metal by 2.69% and BSE Bankex by 1.27%.

Market breadth was negative at ~0.-5 as investors sold large cap stocks. On provisional basis, FII's bought Rs.2.--bn worth of Indian equities and DII's sold Rs.5.51bn worth of equities.


Economic and Corporate Developments

- Fitch group entity India Ratings on Monday kept its growth forecast for 2014-15 unchanged at 5.6 per cent, despite the India Meteorological Department (IMD) predicting a subnormal monsoon this year. The official estimate for growth in 2013-14 is 4.9 per cent, against a decade-low of 4.5 per cent in 2012-13.

In a report, the rating agency said though the worst appeared to be over, it was unlikely the Indian economy would shift to a high-growth phase of about nine per cent through the next two-three years.


Buzzing Stocks

- UPL gained 1.91%, in the morning trade, to Rs 2-2.25 on BSE, with the stock extending recent rally triggered by reporting good Q4 results.

- Tata Sponge Iron closed 20.00% up at Rs 574.00 on BSE after consolidated net profit jumped 335.95% to Rs 40.50 crore on 11.91% growth in total income from operations to Rs 236.56 crore in Q4 March, 2014 over Q4 March, 2013.

- Noida Toll Bridge Company closed 7.90% up at Rs 29.35 after net profit surged 43.2% to Rs 16.14 crore on 7.5% growth in net sales to Rs 30.46 crore in Q4 March, 2014 over Q4 March, 2013.

- Sasken Communication Technologies closed 4.04% down at Rs 19-.15 on BSE, with the stock extending Monday's 7.-1% slide triggered by the company reporting weak quarterly earnings on sequential basis.

- HCL Infosystems closed 6.33% down at Rs 46.65 on BSE after net profit rose 11.3% to Rs 2.56 crore on -.42% decline in income from operations to Rs 1,316.49 crore in Q3 March, 2014 over Q2 December, 2013.

- GMR Infrastructure closed 3.-0% down at Rs 25.35 on BSE after the company said that its subsidiary has withdrawn its draft prospectus for the initial public offering due to various business reasons.

- SKS Microfinance rose 2.6%, in the opening trade, to Rs 260.60 on BSE after net profit jumped 904.1% to Rs 27.11 crore on 44.5% growth in total income to Rs 147.3- crore in Q4 March, 2014 over Q4 March, 2013.

- Wockhardt closed 12.01% up at Rs -0-.50 on BSE, with the stock extending Monday's rally triggered by the company saying that the regulator in Himachal Pradesh has revoked the suspension on manufacture and sale of a product.

- Navin Fluorine International rose 2.24%, in the morning trade, to Rs 395 on BSE after the company reported net profit of Rs 1-.13 crore in Q4 March, 2014 as against net loss of Rs 7.60 crore in Q4 March, 2013.

- IRB Infrastructure Developers closed 2.65% up at Rs 119.95 on BSE after the company said it has emerged as a preferred bidder and received letter of award from NHAI for the project of four laning of Yedeshi - Aurangabad section.

ACC closed 1.17% up at Rs 1,301.95 on BSE, with the stock recovering on bargain hunting after recent slide triggered by the company reporting weak Q1 earnings.

Gujarat Gas Company closed 1.36% up at to Rs 390.60 on BSE after the company was granted an extension of exclusivity for a block by PNGRB.

Piramal Phytocare was locked at 10% upper circuit at Rs 32.50 on BSE after the company reported a net loss of Rs 0.46 crore in Q4 March, 2014, lower than net loss of Rs 0.97 crore in Q4 March, 2013.

Fulford (India) was locked at 20% upper circuit at Rs 9-7.60 on BSE, with the stock extending Monday's 20% rally triggered by the company's promoter offering a substantial premium to delist shares of Indian unit.

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